renters...top 5 reasons why you need renters' insurance

Renters…Top 5 Reasons Why You Need Renters' Insurance

If you are a renter and you don’t have renters’ insurance, the question we want to ask you is…Why? Renters' insurance is essential to peace of mine.  Even though you don’t own a home at this moment does not mean you should not be insuring and securing the items you purchased which are important to you and your family.  You worked hard for what you got, so getting insurance for the ‘fruits of your labor’ should be a no-brainer. Therefore, we put together a list of the top 5 reasons why you need to get renters’ insurance today if you don’t have it now.  They are as follows:

1. It’s inexpensive – Renters’ insurance costs pennies a day, typically $12-20/month. Also, it can be used as a package item with your auto insurance which can offer more discounting.  When you consider that the average family owns many thousands of dollars in personal property, this minor cash outlay can be quite a deal. Typically, you could pay for renters' insurance for many years without a claim, and then have everything you've paid in justified by a single home invasion or house fire. Remember, without this coverage, you are responsible for replacing all of your belongings out of pocket.
   
2. Landlord policies do not protect tenants - Your landlord's insurance policy is for the home and other structures, but it does not include your own property or liability concerns. Because your landlord does not have an insurable interest in your property, you will have to purchase a renters' insurance policy or other personal property insurance on your own.
   
3. Renters’ insurance covers theft - If your rental home or apartment is burglarized, a renter's insurance policy will pay to repair or replace everything lost in the invasion. Without renters insurance, you would have to replace your personal property out of pocket, an expense that could be financially devastating.
4. Renters’ insurance covers bodily injury liability - If someone other than an immediate family member is injured as a result of you or your personal property, the medical costs would be covered under a renter's insurance policy. Injuries to yourself or your immediate family are not covered and should be handled through your health insurance plan.
5. Renters’ insurance includes damage liability - If your property causes damage to the property of someone else, even your landlord, a renters’ insurance policy will pay for the damages. This could be something like a broken flower pot or mailbox, or your daughter accidentally hitting a fly ball through the neighbor's window.

Protect what yours. The cost is low, but the price you could potentially pay without it may be devastating. Insure to reassure.

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